SAP expands its portfolio of customer relationship management products to more industries
About a month ago, SAP (SAP) announced that it’s expanding its portfolio of customer relationship management (or CRM) software products. SAP is specifically targeting the insurance, utilities, and retail industries. These offerings will leverage the SAP HANA Cloud Platform to give these industries predictive analytics capability. SAP also mentioned that it’s introducing a cloud-based marketing performance dashboard that delivers sales and marketing insights to company executives. This dashboard is pre-integrated with other SAP products, including the SAP CRM and SAP ERP applications.
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SAP looks to leverage the strong growth potential of the CRM market
According to a report from Gartner, the global CRM market grew from $18.0 billion in 2012 to $20.5 billion in 2013—a growth rate of about 14%. More importantly, the CRM software-as-a-service cloud market grew even more. This market now contributes more than 41% of overall CRM software revenues. As the chart above shows, Salesforce.com (CRM) is the largest player in this market, with a share of about 16%. SAP is second, at about 13%. Oracle (ORCL), Microsoft (MSFT), and IBM (IBM) make up the rest of this market.
SAP focuses on providing customer engagement solutions for industries
SAP said, “Customer engagement is top of mind as businesses continue to figure out ways to put the customer first. The announcement of our industry-specific solutions validates our commitment to the cloud and to further developing our customer engagement solutions to offer businesses new ways to evolve their CRM landscape.”